The State Administration of Market Regulation of China announced this Thursday in a statement that it has begun an investigation into Jack Ma, the founder of the Alibaba e-commerce empire, for “alleged monopolistic behavior”, such as urging sellers to choose a single platform of sales between two competitors.
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The People’s Bank of China, the Banking and Insurance Regulatory Commission, the Security Regulatory Commission and the State Administration of Overseas Exchanges are to hold talks with Ant Group, the parent company of Alibaba, in the coming days. , as reported by the Chinese state agency Xinhua.
The talks seek to “urge and guide the Ant Group to follow market and law-based principles and implement the requirements regarding financial supervision,” the People’s Bank of China said in a statement. This investigation is the latest in a series of setbacks for the world’s largest e-commerce company.
Last month the company planned an initial public offering (IPO) of 37,000 million dollars (30,314 million euros), the largest in the world, but it was suspended two days before its launch.
However, shortly before Jack Ma criticized the Chinese authorities at an event in Shanghai in which he claimed that the regulatory system was weighing on innovation and should be changed to increase it.
The following week, Beijing published a draft of antitrust and fair competition rules for Internet platforms, which were directly aimed at the e-finance and trading business of titans like Alibaba.